Bitcoin shortly changed hands above $39K for the first time after June 16 and is currently trading its sixth continuous day in the green region. Prices have continued to drive since July 21 with Sunday’s latest value rise indicating the biggest single daily gain in the last six weeks. The most leading cryptocurrency is currently exchanging near $38,250 having recovered slightly after surpassing the monthly high of around $39,800.
The data from datamish indicates a short squeeze appears to have led prices higher as those betting on BTC heading lower had to sell in quick profit to cover, although the cause stays unclear.
This value activity is lining up with what we’ve been seeing the recent weeks, said Daniel Kim, head of capital business sectors at Maple Finance. We’ve likewise been seeing a huge increase in demand for USDC from institutional borrowers and the assessment is by all accounts bullish after the information on Amazon taking part in bitcoin (BTC), Kim added.
An unverified single-source story in City A.M. has announced retail giant Amazon is hoping to acknowledge bitcoin payments by the end of the year and is thinking about printing its own token by 2022. The retail monster is likewise looking for a Digital Currency and Blockchain Product Lead.
Other’s contend the bounce back in cryptocurrency costs is a response to a scope of uplifting news coming from enormous tech and money players from the U.S. markets.
However, the daily volume on the Bitstamp trade is comparatively down than the average from the past few days this year, though, still starting to show some indications of recovery from the breakdown suffered in May. Other top 10 currencies in the crypto space are also in the green with Polkadot (DOT), Chainlink (LINK), and Bitcoin Cash (BCH) up by mostly between 8% to 12%.